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Celsius Resources shares hit an all-time high Monday after the cobalt explorer announced better-than-expected results from a project in Namibia.

The shares jumped from 16c to 23c — and closed the day up 41 per cent at 22.5c.

About 58 million shares changed hands — or almost 10 per cent of the total shares on issue.

Celsius (ASX:CLA) declared a maiden “JORC compliant” resource at its Opuwo cobalt project in north-west Namibia.

JORC compliance refers to the mining industry’s code for reporting exploration results, mineral resources and ore reserves, managed by the Australasian Joint Ore Reserves Committee.

“The maiden JORC Mineral Resource for the Opuwo Project meaningfully exceeds the company’s expectations,” said Celsius boss Brendan Borg.

“We are confident that further drilling, which is already underway, will enable future upgrades to the maiden JORC Mineral Resource. The Mineral Resource will underpin our Project Scoping Study, for which key work programs are advancing well.”

Celsius Resources shares over the past six months.

The results included 112.4 million tonnes at a grade of 0.11% cobalt, 0.41% copper and 0.43% zinc.

Cobalt is considered low grade at less than 1 per cent, medium grade at 1 per cent to 2 per cent and high-grade at more than 2 per cent.

Celsius hopes to deliver the results of a scoping study by mid-year.